Razon group sees huge MWC promise

The well-diversified Razon group seeks to leverage the track record of Prime Infrastructure Capital Inc. in optimizing business strategies and expanding both domestic and international operations of Manila Water Co. (MWC). 

Business magnate Enrique K. Razon Jr. said in a press statement last Friday that his acquisition of Ayala Corp.’s remaining stake in Manila Water will further enhance Prime Infrastructure Capital Inc.’s industry leading position.

“Manila Water continues to deliver reliable and efficient water and wastewater services to communities in key metros in the Philippines and abroad. We look forward to the company’s future as we continue optimizing the business and expanding both our domestic and international operations,” Razon Jr., chairman of both Prime Infra and Manila Water, said. 

After 27 years, the Ayala conglomerate unloaded its remaining economic interest in Manila Water to Razon’s Trident Water Company Holdings Inc. for P14.5 billion.

The acquisition of Ayala’s remaining stake will result in Trident Water holding 81.9 percent voting stake and 62.2 percent economic interest. Trident Water is the Prime Infra unit that holds control of Manila Water.

Meanwhile, Prime Infra president and CEO Guillaume Lucci said the move is in line with Prime Infra’s intra-group synergy.

“The development solidifies Prime Infra’s market leadership in the water sector, driven not only by the performance and potential of Manila Water at home and abroad but also by its synergy with our other majority-controlled bulk water subsidiary WawaJVCo Inc.,” Lucci said.